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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net interest income and fair value adjustments:        
Interest income $ 60,560 $ 92,562 $ 129,971 $ 192,734
Interest expense (37,766) (66,916) (82,007) (142,276)
Net fair value adjustments (6,378) (35,974) (108,116) (70,703)
Net interest income and fair value adjustments 16,416 (10,328) (60,152) (20,245)
Gain on sales of loans 1,724 13,886 15,985 29,038
Net Investor Revenue 37,455 35,830 16,907 72,796
Other revenue 2,540 2,770 7,051 4,825
Total net revenue 43,869 190,807 164,075 365,225
Operating expenses:        
Sales and marketing 8,723 69,323 58,507 135,946
Origination and servicing 17,830 24,931 38,824 53,204
Engineering and product development 39,167 43,299 77,877 85,845
Other general and administrative 56,620 64,324 115,106 121,200
Total operating expenses 122,340 201,877 290,314 396,195
Loss before income tax expense (78,471) (11,070) (126,239) (30,970)
Income tax expense (benefit) 0 (438) 319 (438)
Consolidated net loss (78,471) (10,632) (126,558) (30,532)
Less: Income attributable to noncontrolling interests 0 29 0 64
LendingClub net loss (78,471) (10,661) (126,558) (30,596)
Transaction fees        
Net revenue, fees 3,874 152,207 140,117 287,604
Investor fees        
Net revenue, fees $ 19,315 $ 32,272 61,074 64,003
Common Stock        
Operating expenses:        
LendingClub net loss     $ (104,686) $ (30,596)
Net loss per share – Basic and Diluted ($ per share) [1] $ (0.87) $ (0.12) $ (1.98) $ (0.35)
Weighted-average common shares - Basic and Diluted (shares) [1] 70,304,166 86,719,049 78,406,162 86,429,892
Preferred Stock        
Operating expenses:        
LendingClub net loss     $ (21,872)  
Net loss per share – Basic and Diluted ($ per share) [1] $ (0.87) $ 0.00 $ 2.56 $ 0.00
Weighted-average common shares - Basic and Diluted (shares) [1] 19,562,714 0 11,071,212 0
[1]
See “Notes to Condensed Consolidated Financial StatementsNote 4. Net Income (Loss) Per Share” and “Note 14. Stockholders' Equity” for additional information.